I have a question is partnering up with other wholesalers to do a deal a good or bad thing? Also how would you go about the process to make sure everything goes right?
I would also have a contract between the two of us stating who gets wat and when just to cover all bases.
It there three contracts instead of two.?
Contract with the seller
Contract with buyer
And contract with other wholesaler?
I would imagine 3 but try to search if u could have one contract written up that suffice all parties just to simplify things.
You might even consider, especially if you'll be splitting deals with this person regularly, creating another business entity and stating in the operating agreement how each manager/member will be paid and when. That way when you do deals with them there won't be a need for a wholesaler to wholesaler contract each time.
I actually co wholesale with a few others. It makes a good opportunity to branch out and make deals outside your normal location. So far so good, knock on wood lol. I haven't had an issue yet but we will see. I had one wholesaler ask me to sign a general agreement for all deals between us. Others were just verbal agreements. For me, it makes sense to have and keep a good relationship because there in an opportunity for more deals.
-Kelsy thanks :)
-Mike thanks your right if I would like to branch out co wholesaling would be a good idea.
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